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January 31, 2016
<br />Financial Report
<br />The Financial Report provides current year financial information for each City fund in a condensed format. Information is provided
<br />for revenue (by type and fund), expenditures, property taxes, debt status, and staffing levels. This report is prepared monthly and
<br />supplements other reports that the City prepares such as the Controller's Cash Report, the Monthly Departmental Financial Report,
<br />and the Comprehensive Annual Financial Report (CAFR).
<br />Revenue by Type
<br />Revenue by Fund
<br />-Fund 258 (Human Rights). This is revenue related to grants received to battle housing and employment discrimination.
<br />-Fund 294 (Police Academy). This fund has reached 38% of its budgeted revenue. This is tuition related to the advancement of present
<br />and future officers.
<br />-Fund 407 (Cumulative Capital Improvement), is at 35% of its budgeted revenue. This is revenue received in the amount of $150,000 as a
<br />lease payment for the Century Center.
<br />-Fund 661 (2012 Sewer Bond), is at 21% of its budgeted revenue. This is revenue from bank and investment interest.
<br />Property Taxes
<br />Total property taxes collected for the year 2014 was~$72 million or 94.88%of the tax levy.Specifically,in 2014 the City of South Bend
<br />received a total of$45,002,931 in property tax revenue in the civil city funds(general fund,parks,College Football Hall of Fame,and CCD).
<br />For TIF funds, the City received a total of $27,031,090 in property tax revenue.
<br />Expenditures
<br />Debt
<br />lease as well as parking garage improvements.
<br />Headcount
<br />If you have any questions regarding this report, please contact John Murphy at (574) 235-7678.
<br />As of January 2016,the City has spent 8%of budgeted expenditures,which is the same percentage of budgeted expenditures in January
<br />2015.The General Fund has spent 7%of its 2016 budgeted expenditures,versus 10%in 2015.The following funds have reached 50%or
<br />more of their budgeted expenditures as a result of bond payments:Fund 313(Hall of Fame),Fund 410(UDAG),Fund 377(Professional
<br />Sports Development), and Fund 432 (TIF - Erskine Village).
<br />In January 2016,various debt service payments were made in the amount of~$1.48 million to Sun Trust,Kansas State Bank,PNC Bank,
<br />U.S.Bank and Ricoh USA.Payments are related to IT equipment leases,police/public works vehicles,solid waste containers,and sewer
<br />bonds. Also this month, the City added approximately $4.13 million in additional debt for Public Works vehicle and equipment
<br />The Full Time Headcount as of January was 1,078 vs.a budgeted amount of 1,102.Currently,there are a total of 24 vacant positions.The
<br />24 open positions are in the following departments:Parks and Recreation(4),Public Safety(4),Public Works(11),DCl(1),Building(1),
<br />and General Government(3).*In Public Safety(Fire),the headcount is over budget,as there are currently three recruits in training to
<br />replace planned and unplanned departures.
<br />For discussion on property taxes,see section listed below.The overall percentage of budgeted revenues that have been received by the
<br />city is 6%,compared to 5%in January 2015.Revenue type 369(Memorial Hospital)has reached 100%of its budgeted revenue.This is
<br />revenue from Leighton Plaza for common area fees.It is a lease between Memorial Hospital and the South Bend Redevelopment
<br />Commission.
<br />As of January 31,2016,the general fund has reached 2%of its budgeted revenue,compared to 3%last year.The following funds have
<br />reached slightly above the normal percentage of their 2015 budgeted revenue amount at this time:
<br />Property taxes are received in June and December.Property taxes collected in 2015 totaled~$70.9 million.Civil city funds received~$46
<br />million and TIF funds received ~ $24.7 million. For 2015, the levy collection rate was 94.76% or $70.9 million.
<br />- Funds 249 (PS LOIT), 404 (COIT), and 408 (EDIT) received normal and timely distributions this month.
<br />Financial Report January 2016 Page 2 of 25
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